Jin-sik Choi, Chairman of Junggyeonryeon, Urges Urgent Policy Package to Strengthen Competitiveness of Mid-sized Companies as the 'Center' of Trade and Commerce

Lunch Lecture with Minister Andukgeun of Industry on the 13th
186th Mid-sized Company CEO Luncheon Meeting

To effectively respond to changes in the global economic environment, there was an opinion that policy support should be strengthened to enhance the competitiveness of mid-sized companies, which are the core of Korea's trade and commerce.

Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises, stated this on the 13th at the 186th Mid-sized Enterprise CEO Luncheon Lecture hosted by the Federation, inviting Ahn Deok-geun, Minister of Trade, Industry and Energy. He emphasized, “We must not overlook the reality that all countries, including advanced nations like the United States, strive to protect their industries and gain an advantage in trade through various official and unofficial trade barriers.”

Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises, is delivering the opening address.

Chairman Choi raised his voice, saying, “We need to drastically improve irrational regulations in all areas such as environment and labor, as well as rigid legal and institutional environments like excessive corporate tax, inheritance and gift taxes, to lighten the steps of our companies competing on the global stage.”

On this day, the Federation delivered to Minister Ahn a total of twenty-one policy proposals across five sectors, including upgrading the statistical system, establishing a growth ladder, resolving the recruitment difficulties of mid-sized companies, promoting investment, and fostering long-lived companies, titled ‘Policy Proposals for Establishing a Growth Ladder and Realizing a Dynamic Economy for Mid-sized Enterprises.’

Minister Ahn said, “The government has achieved results such as continuous regulatory reform for the stable growth of mid-sized companies, reduction of burdens and tax system reform, improvement of the investment environment for new industries, as well as the largest-ever 15 trillion won scale financial support exclusively for mid-sized companies, expansion of export vouchers and trade finance for mid-sized and small businesses, and the transition of the Mid-sized Enterprise Act to a permanent law. The Ministry of Trade, Industry and Energy plans to establish a ‘Comprehensive Growth Ladder Plan’ within the first half of the year in cooperation with related ministries such as the Ministry of Economy and Finance and the Ministry of SMEs and Startups, to ease corporate burdens and expand customized support, so that mid-sized companies can emerge as key players in our economy.”